EFG Hermes sells one more stake in Credit Libanais

Egypt-based EFG Hermes announced it has sold an additional two percent in Credit Libanais as part of its decision to completely divest its 63.7 percent stake in the Lebanese bank.

Hermes, the largest listed investment bank in the Arab world, said that its remaining stake in Credit Libanais is 13.1 percent.

Hermes had granted an exclusive mandate to Credit Libanais Investment Bank (CLIB), a fully-owned unit of Credit Libanais, to sell its entire stake at $33 a share or a total of $492.2 million.

In early 2016, a 40.2 percent stake was sold to local and Arab investors, and then an additional 8.4 percent was sold during the year.

The buyers include Bahrain-based Capital Investment Holding, EuroMena III fund, Dar El Handassah (Shaer), Ramzi Klink, Sarkis Sarkis and members of his family, Mohamed Azzam Soueid, Salah Osseiran, Saida Mayor Mohamed Saoudi, Yahya Saleh (Yemen), Wajih Bizri, Jacques Sarraf, Sarkis Demerdjian, and brothers Tanios, Emile, and Youssef Akiki.